What is CONTEMPORARY WORLD?

TRADE DEFICIT the amount by which the

cost of a country’s imports exceeds the value
Contemporary world refers to
of its exports. (aka NEGATIVE BALANCE
circumstances and ideas of the present
OF TRADE)
age, where it deals with problems and
issues related to environment, TRADE BALANCE = Total Value of
population, wealth, power, tensions and Exports-Total Value of Imports
conflicts.
What are the most important economic
What is GLOBALIZATION? chains & networks in global trade? Gereffi
(2005, 2012, 2015)
Globalization is the word used to describe
the growing interdependence of the world’s Supply Chains - is the network that connects
economies, cultures, and populations, all of the people, organizations, resources,
brought about by cross-border trade-in activities, and technology involved in the
goods and services, technology, and creation and sale of a product or service. A
flows of investment, people, and supply chain represents the steps it takes to
information. get the product or service to the customer.
Anthony Giddens defined globalization as International/Global Production Networks-
the intensification of worldwide social This refers to the networks of producers who
relations which link distant localities in such a are involved in the process of creating a
way that local happenings are shaped by finished product. This also includes
events occurring many miles away and vice interrelated functions, processes, or
versa. transactions that produce/manufacture,
distribute, and consume a given commodity,
Immanuel Wallerstein defined
item, or service. Multinational corporations
globalization as the representation of the
(MNCs) are playing a central role, as being
triumph of a capitalist world economy tied
the “flagships” in these networks.
together by a global division of labor.
Roland Robertson gave emphasis on
globalization as a concept that refers both to Classification of Global Production
the compression of the world and the Networks
intensification of consciousness of the
Multidomestic- this is concerned with
world.
products that are easy to replicate and are
What is Global economy/Economic costly to transport over long distance.
Globalization?
Globally Integrated-this refers to the
Economic globalization is the result of production systems located in various
human innovation and technological countries and typically involve complex
progress. It is the increasing integration of products manufactured in stages.
economies around the world, particularly
What is Outsourcing?
through the movement of goods, services,
and capital across borders. The term Outsourcing is the process of transferring
sometimes also refers to the movement of work or activities once performed by an entity
people (labor) and knowledge to another entity in exchange for money.
(technology) across international borders
(IMF, 2008). (most closely and significantly linked to globalization is
offshore outsourcing, which involves sending work to
TRADE SURPLUS – the amount by which companies in other countries)
the value of a country’s exports exceeds the What is Consumption?
cost of its imports. (aka POSITIVE
BALANCE OF TRADE) Consumption is highly complex, involving
mainly consumer objects, consumers, the
consumption process, and consumption sites consumption venues that have spread
(Ritzer et al., 2001). It is vital to highlight that throughout much of the world.
there has been a trend to link consumption,
as well as consumer globalization, to America
and Americanization.
 Consumer Objects and Services. Three-level Hierarchy of the Modern
Much of consumption is focused on World-System and their meanings.
shopping for and acquiring various
items, but in recent years, a growing Core -this refers to the regions that control
portion of consumption has been the capitalist world-economy and exploit the
focused on various services (legal, rest of the system (e.g., US and Japan).
accounting. Educational, etc.) Periphery- this includes the regions that
provide raw materials to the core and are
The importance in terms of objects and heavily exploited (e.g., many countries in the
services is the issue of brands and African region).
branding (Arviddson, 2012; Holt 2004)
Brands are essential both Semi-periphery -it is residual category that
domestically and internationally. Brand includes a group of areas that fall midway
names that are known and trusted between exploiting and being exploited. (e.g.,
around the world cost a lot of money India)
and work to develop.

 Consumers. In contrast to the past, 4 Economic Institutions by Bretton Woods

when the majority of people were and their Role in the Creation of Global
producers, an increasing number of Economy?
people around the world are becoming 1. General Agreement on Tariffs and
consumers. Not only are individuals Trade (GATT). GATT was a system
spending more time consuming, but for the liberalization of trade that came
they are also increasingly defining into existence in 1947, growing out of
themselves by what they consume Bretton Woods (Hudec, 1975). It
rather than their jobs as producers and functioned until 1995, when the World
laborers. Trade Organization (WTO) took over.
GATT was primarily concerned with
 Consumption Processes. People are goods trade, and it served as a venue
becoming more aware of what is for country representatives to meet.
expected of them as consumers, and
they are generally aware of what they 2. World Trade Organization (WTO).
should do during the consumption The WTO is a multilateral organization
process, regardless of where they are headquartered in Geneva, Switzerland
in the world. This includes with 164 member nations as of 2018.
understanding how to navigate a Each WTO member state has an equal
shopping center, utilize a credit card, vote. The WTO is, for the most part, a
and make an online transaction. member-state organization rather than
a supranational body (with a few
 Consumption Sites. Shopping malls, exceptions).
fast food restaurants, apparel chains. While GATT focused on tariff
discounters like WalMart, Disney-style reduction, the WTO has come to
amusement parks, Las Vegas-style focus more on non-tariff-related
casino hotels, and websites - are all barriers to trade.
examples of American and Western
 3. International Monetary Fund (IMF). socially constructed political communities that
The goal of the IMF is to promote bring individuals together across a variety of
macroeconomic stability for both its identities, including race, language, religion,
member nations and the global and so on.
economy (Reinhart & Trebesch, 2016).
State- A compulsory political organization
with continuous operations will be called a
IMF deals with exchange rates,
‘state’ if and in so far as its administrative
balances of payments, international
staff successfully upholds a claim to the
capital flows, and the monitoring of
monopoly of the legitimate use of physical
member states and their
force in the enforcement of its order.” – Max
macroeconomic policies
Weber
4. World Bank. Is a specialized agency What are the 3 Intergovernmental
of United Nations. It was founded at Organizations?
Bretton Woods in 1944 and
commenced operations in 1946. Intergovernmental organizations (IGOs)
Among the Bank's missions are: were formed to facilitate linkages between
✓ encouraging "development of nation-states. Their goal is to establish strong
intergovernmental economic, political,
productive facilities and resources in
cultural, educational, and technical links.
less developed countries"
✓ funding for "productive 1. The Association of Southeast
purposes" when private capital Asian Nations (ASEAN)-
cannot be obtained on reasonable Indonesia, Malaysia, the
terms; Philippines, Singapore, Thailand,
✓ encouraging international Brunei, Laos, Myanmar, Cambodia,
investment in order to promote and Vietnam are the current
international trade and development members. It was formed to form a
and equilibrium in balarico of united front against communism's
payments; growth and to maintain political,
✓ helping member countries improve economic, and social stability in the
their productivity, standard of living, Asia-Pacific region, where tensions
and labor conditions. (Bradlow, 2007) were mounting. Consultation and
consensus are used to make
decisions, which are guided by the
What is Foreign Direct Investment?
values of non-interference in
Portfolio Investment?
internal matters and peaceful
Foreign Direct Investment (FDI) -entails a conflict resolution.
foreign company investing in a separate
country with the goal of establishing control 2. The European Union (EU)
over the latter’s operation. governs common economic, social,
and security policies and is
Portfolio Investment – entails the purchase
composed of 27 European
of equity in enterprise in foreign nations for
countries. It was formed to become
purpose of profit.
more competitive in the global
marketplace while also balancing
the interests of its separate fiscal
Differentiation of Nation and State and political members.
Nation- the concept of ‘nation’ has stressed The EU is governed by three
organic relationships that bind people bodies:
together and generate feelings of loyalty and  National governments are
belonging. Today, nations are considered as represented by the
 European Council, which 4. Trusteeship Council – it is the
receives the second reading organ tasked to administer
of all bills and can accept international oversight for 11 trust
the Parliament’s position. territories and to make sure that
 The European Parliament, adequate procedures are taken for
which is elected by the independence and self-
people, receives the first government.
reading of all laws proposed 5. International Court of Justice – it
by the Commission. is the UN’s prime judicial organ.
 The European 6. Secretariat – the organ tasked to
Commission is the EU’s execute the daily activities as
staff and is in charge of assigned by the five other organs.
proposing new laws.

3. The World Trade Organization Differentiate the Global South, Global

(WTO) it has 164 member nations North, and the Third World.
and is the only international
organization that deals with trade (Alam ko na to)
rules on a worldwide scale. It Difference between Globalization and
ensures that commerce is as Regionalization.
seamless, predictable. And
unrestricted as feasible. Globalization - is the spread and deepening
of social ties and consciousness over world-
time and world-space.
Regionalization -is the growth of societal
Start of UN operation integration within a region and to the often-
undirected processes of social and economic
UN began its operations on October 24, interaction (Hurrel, 1995).
1945. It is an entity that is concerned
primarily with four broad areas. The first What is Culture? What is Religion? What
involves military issues. It was envisioned as is Glocalization?
a vital player in maintaining peace and Culture - is a cohesive style of human
security, particularly between states. knowledge, beliefs, and behavior that people
What are the 6 Organs of UN and their learn from (Groysberg).
function? Religion – It refers to a person’s or group’s
1. General Assembly- it is the set of religious beliefs and practices (Bock &
central deliberative and the only Schnabel, 2017). It is extremely important in
organ where all member-states the lives of Filipinos because it is the
have equal representation in foundation of their values. It has influenced
discussion and consideration, and their views, personalities, and life
policy making. perspectives.
2. Security Council -the organ which Glocalization – is coined from globalization
has the commitment to preserve and localization. It is a novel concept that has
peace and security. arisen as a result of increased cross-cultural
3. Economic and Social Council - it contact. This emphasizes the reality that local
is the main organ for cooperation, cultures are not weak, static, or unchanging;
policy review, policy dialogue, and in a globalized world, they are produced and
advice on social, economic, and understood anew every day.
environmental issues.
Different Types of Media.
Print media film, and television, characterizes it.
Radio served as a platform for
 Books
worldwide brands to be advertised.
 Magazines
The analogue version of television
 Newspapers
was largely utilized to allow
Broadcast Media countries to see US Presidents
give speeches and UN Security
 Radio Council meetings. Radio and
 Film television were both used to follow
 Television foreign events.
Digital media 5. DIGITAL MEDIA
This is based on the use of digital
 E-mail codes. Any digital electrical
 internet Sites equipment can be used to create,
 Social Media modify, and save it. The internet
 Internet-based video and audio and computer networks are used to
5 Stages of Media Development and their transfer digital content. Candidates
meanings? in politics utilize social media to
campaign and promote their
1. ORAL COMMUNICATION platforms. It allows for product
Humans were able to communicate advertising and online business
and share information thanks to the transactions in economy.
invention of language. It is a tool
that has aided people in their
exploration of the globe and its The 3 Effects of Globalization on Culture.
various civilizations.  Cultural Differentialism
This viewpoint considers cultural
2. SCRIPT differences to be unchangeable. As
Oral communication became the West and non-Western civilizations
hampered by distance. Script interact or come into touch as a result
enabled humans to communicate of globalization, clashes of civilizations
over greater distances and for such as the West and Islam are
longer periods of time. It enabled inevitable.
for the permanent codification of  ULTURAL CONVERGENCE
economic, cultural, religious, and This shows that globalization is to
political practices, which could then blame for increasing cultural
be passed down to future homogeneity. The culture of a powerful
generations as well as to other and progressive country, on the other
nations and civilizations. hand, becomes the culture.
 CULTURAL HYBRIDITY
3. PRINTING PRESS It claims that as a result of
This enabled for the continual globalization, there is a growing and
production, reproduction, and continual mingling of cultures. The
distribution of print materials (mass Chabacano, a Spanish-based creole
production), allowing anybody to language spoken in Zamboanga City
access information that was and parts of Cavite, is a good example
previously exclusive to the wealthy, of hybridity in language integrating two
powerful, and religious people. cultures. This movement will continue
4. ELECTRONIC MEDIA to produce new cultural forms in areas
The usage of electricity, such as such as language, gastronomy,
the telegraph, telephone, radio, fashion, and music, among others.
The 4 Distinct Glocalization of Religion.
1. Vernacularization
It is the mixing of universal religions
and local languages. Even outside of
the Arab world, Arabic is used as the
sacred language of Islam. In
Christianity. Greek and Latin are still
the primary languages. As a result of
this vernacularization, new religions
emerge, such as Orthodox Christianity,
which is derived from Christianity.

2. Indigenization
It is the adaptation of a universal
religion to the needs of a specific
ethnic community, such as the practice
of Islam by several ethnic groups on
the Zamboanga Peninsula. Another
example is the fusion of African
traditional religious customs with
Christianity in Brazil and the
Caribbean.
3. Nationalization
It establishes a relationship between
the state and the church. Religious
institutions are linked to the nation’s
identity and realities. Becoming a part
of a nation entails being a member of
its national church. The Philippine
Independent Church, an independent
Christian denomination, is an example
of a national church in the Philippines.
People also tend to add modifiers to
their religious identification (Greek
Orthodox Christianity).
4. Transnationalization
By focusing on groups recognizing
specific religious traditions of real or
imagined homelands, it has
complimented religious nationalization.
One good example is the Iglesia ni
Cristo. The Christian organization has
a national scope but a worldwide
reach, and its roots and central
authority are immediately identifiable
as Filipino.